Jamb Accounts - Principles of Accounts 2005 Past Questions and Answers

Question 16:

• JAMB 2005

Goods withdraw from business for private use are credited to?

A. Drawings
B. Purchases
C. Sales
D. Capital

Question 17:

• JAMB 2005

Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.
The accumulated depreciation provision at the time of sale was?

A. N12 000
B. N60 000
C. N72 000
D. N84 000

Question 18:

• JAMB 2005

Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.
The net book value of the piece of equipment at the time of sale was?

A. N96 000
B. N48 000
C. N36 000
D. N24 000

Question 19:

• JAMB 2005

The item that are contained in the bought ledger control account are?

A. Discount allowed, bad debts and purchases
B. Dishonoured cheques, returns inwards and sales
C. Returns outwards, bad debts outewards and sales
D. Discount received, returns outwards and purchases

Question 20:

• JAMB 2005

Given:
purchases ledger balance..............N4000
purchases for the period..............N50000
Cash refunded by suppliers............N290
Cheques paid to suppliers..............N42300
Returns outwards.......................N2000
Discount received from suppliers.......N400
The balance of the purchases ledger control account is?

A. N10390
B. N9990
C. N9590
D. N9010